The buyer of the CBGB brand files for bankruptcy

The company that owns the name of the legendary New York club CBGB has filed for bankruptcy.

The former punk venue, which hosted acts such as the Ramones, Talking Heads, Patti Smith and Blondie, closed in 2006 but has since lived on in the form of T-shirts and other memorabilia emblazoned with the club's name.

As Billboard reports, CBGB Holdings LLC has filed for bankruptcy, listing debts in the range of $1 million to $10 million.